Pet Valu Holdings Ltd., the leading Canadian specialty retailer of pet food and pet-related supplies, has announced its financial results for the fourth quarter and fiscal year ended December 28, 2024, describing it as a “dynamic year.”
For the year, system-wide sales were $1.452 billion, an increase of 2.3% versus the prior year but same-store sales declined was 0.5%. Revenue was $1.097 billion, up 3.9% versus the prior year.
“These outcomes were supported by our fully operational GTA and Surrey distribution centres, improved online capabilities, highly relevant promotional cadence and solid cost management across our teams.
“2025 will be another exciting year, as we complete our supply chain transformation and deploy improved promotions and pricing tools to enable a return to same-store sales and profit growth as we progress through the year.”
In the fourth quarter, system-wide saleswere $388.1 million, an increase of 2.4% versus Q4 2023. Same-store sales decline was 0.2%. Revenue was $295.1 million, up 2.9% versus Q4 2023. Adjusted EBITDA was $68.2 million, down 4.3% versus Q4 2023, representing 23.1% of revenue. Operating income was $47.9 million, down 0.8% versus Q4 2023. Net income was $28.9 million, up from $28.8 million in Q4 2023.
For the year, Adjusted EBITDA was $247.1 million, up 6.9% versus the prior year, representing 22.5% of revenue. Operating income was $155.3 million, down 3.4% versus the prior year. Net income was $87.4 million, down from $89.5 million in the prior year.
For 2025, Pet Valu said it expects revenue between $1.17 and $1.20 billion, and Adjusted EBITDA between $254 and $260 million.
Pet Valu is Canada’s leading retailer of pet food and pet-related supplies with over 800 corporate-owned or franchised locations across the country. It has been in business for more than 45 years and offers more than 10,000 products, including a broad assortment of premium, super premium, holistic and award-winning proprietary brands. The company is headquartered in Markham, Ontario.
Canadian business leaders remain steadfastly united in fighting U.S. tariffs with two-thirds (67 per cent) saying they can weather a trade war that lasts more than a year, finds a new survey by KPMG in Canada taken last week. Over eight in 10 (86 per cent) continue to support retaliatory tariffs against the U.S. – the same sentiment held a month ago when KPMG first surveyed corporate Canada on their tariff response.
The uncertainty around U.S. trade policy has had Canadian companies rushing to find ways to mitigate their risk and tariff-proof their organization. While it varies by company and industry, mitigation strategies include identifying areas to optimize and streamline operations, forming partnerships to open up new markets, diversifying supply chains, divesting non-core activities, exploring foreign-exchange hedging opportunities, incorporating tariff and transfer pricing plans, seeking exemptions, and securing subsidies or taking advantage of tax incentives, said KPMG.
Timothy Prince
“The business community remains unwavering in its commitment to stand up for Canada,” said Timothy Prince, the Canadian Managing Partner for Clients and Markets, KPMG in Canada. “The size of the tariffs and the length of time tariffs remain in place will impact their ability to weather the coming storm. Already the uncertainty is prompting companies to examine every facet of their business to understand their options, with three-quarters already undertaking a strategic review of their operations.”
“While they will do what they must to ride this out, they expect governments to take bold action to eliminate interprovincial barriers, build a national energy-agnostic corridor, reduce red tape, and revamp the tax system to improve their ability to compete. As many as 86 per cent say it’s time to diversify energy export markets with increased pipelines and infrastructure in Western and Eastern Canada, and reduce our reliance on having to move oil and gas to Eastern Canada through the U.S.”
Nearly nine in 10 (88 per cent) want “strong and determined” political will at all levels of government to finally open up trade within Canada. As many as 84 per cent say the elimination of interprovincial barriers will be “extremely or very important” to the survival of their business in a trade war with the U.S. and want the barriers removed as quickly as possible. Almost a third (31 per cent) say they could redirect 11-to-25 per cent of their sales to markets in Canada, said the KPMG report.
Tammy Brown
“It’s imperative that companies future-proof their operations, take a hard look at their supply chains to find key concentration risks and vulnerabilities, evaluate how tariffs will impact their costs, cash flow, and liquidity and how much they’re able to absorb or pass on to their customers,” said Tammy Brown, National Industry Leader for Industrial Markets, KPMG in Canada. “We are working with our clients to develop scenario plans to map potential trade policy changes and impacts on their organizations. This will help build resiliency and flexibility in their supply chains to react quickly and effectively as the landscape changes. And while many were already focused on optimizing their operations, this trade uncertainty has created a new sense of urgency.”
KINTON RAMEN Guelph has launched a new partnership with the University of Guelph’s Hospitality Services, becoming an official off-campus meal plan partner. This collaboration allows University of Guelph students to use their Meal Plan Cards at the restaurant, enhancing dining options for those looking to enjoy high-quality meals off-campus.
This agreement aims to offer students a more convenient and flexible dining experience, providing access to an expanded selection of off-campus eateries that accept the University’s meal plan, said the company.
Alan De Luna, Senior Marketing Manager, Kinka Family
“We’re excited to partner with the University of Guelph to offer students a top-tier dining experience off-campus,” said Alan De Luna, Senior Marketing Manager at KINKA FAMILY. “This collaboration also enhances convenience, allowing students with meal plans to enjoy high-quality meals without needing cash or debit cards.”
As part of the partnership, the restaurant joins an exclusive group of local off-campus restaurants now accepting University of Guelph meal plans, further enhancing the dining options available to students.
Founded in May 2012, KINTON RAMEN was one of Toronto’s first Japanese ramen restaurants. Led by Executive Chef Aki Urata, the restaurant strives to deliver an extraordinary dining experience with exceptional ramen bowls made from the freshest ingredients.
KINKA FAMILY, established in 2009, is Canada’s largest Japanese restaurant group. Known for its mission of “Serving People Happiness,” KINKA FAMILY operates a diverse portfolio of restaurants and cafés in Toronto, Montreal, Vancouver, Chicago, and New York. Their notable establishments include KINKA IZAKAYA, KINTON RAMEN, and JaBistro.
Consumer insolvencies in Canada saw a significant spike in January 2025, with filings increasing by 20.5% compared to December 2024, according to the Office of the Superintendent of Bankruptcy (OSB). A total of 11,196 consumer insolvencies were filed, which is 1,904 more than the previous month, averaging around 361 filings per day. This represents a 3.8% increase from January 2024 and a 12.3% rise from pre-pandemic levels in January 2019.
The Canadian Association of Insolvency and Restructuring Professionals (CAIRP) highlighted the role that ongoing financial stress, including the high cost of living and escalating household debt, continues to play in driving up consumer insolvencies. The association stressed the need for stronger debt literacy to help Canadians better manage their financial obligations.
“Higher costs for goods and services, combined with existing financial pressures, could push more individuals towards needing debt-relief solutions,” he explained.
Looking at the 12-month period ending January 31, 2025, consumer insolvencies saw a 9.9% increase from the previous year. Notably, New Brunswick experienced the largest year-over-year increase, with insolvencies rising by 9.8%, while Quebec saw a 9.2% increase.
Among insolvency filings, consumer proposals have become increasingly popular. In the 12-month period ending January 31, 2025, consumer proposals accounted for 78.9% of all insolvency filings, while bankruptcies made up 21.1%. Consumer proposals are often seen as a more flexible solution compared to bankruptcy, offering repayment plans of up to 60 months, no ongoing income reporting, and greater stability without the risk of payment increases.
“Unlike bankruptcy, a consumer proposal often offers a more flexible repayment plan of up to 60 months instead of nine to 36 months, no ongoing income reporting, and removes uncertainty and the risk of payment increases,” Bolduc noted. “Additionally, those who have previously filed a bankruptcy often prefer to avoid going through the bankruptcy process again, particularly given the uncertainty of what the terms of their discharge from another bankruptcy might be.”
Bolduc added that consumer proposals allow debtors to retain assets such as their homes and are increasingly being negotiated with more tailored, manageable terms by creditors. Many Canadians see consumer proposals as a more dignified option for regaining financial stability without the perceived stigma of bankruptcy.
Business Insolvencies Rise 7.6% in January 2025
Business insolvencies in Canada also saw an increase in January 2025, rising by 7.6% compared to December 2024, with 424 filings recorded. This marks a 45.2% rise from pre-pandemic levels in January 2019. The 12-month period ending January 31, 2025, saw a 11.7% increase in business insolvencies compared to the same period the previous year.
The sectors most affected by the rise in business insolvencies included accommodation and food services, professional, scientific, and technical services, and arts, entertainment, and recreation. The accommodation and food services sector accounted for the largest share of insolvencies in January, with 14.1% of the total filings.
As Canadians continue to face financial challenges, the increase in both consumer and business insolvencies signals the continued strain on the country’s economy, underscoring the need for accessible and effective debt-relief solutions.
Retail Insider is streamlining its Canadian retail news from around the web to include a handful of top news stories that can be viewed quickly during the day. Here are the top stories from the past 24 hours.
Canada-US trade war - tariffs and de minimus. Image: iStock/licensed
The U.S. government has announced a temporary reprieve for imports from Canada and Mexico, as the planned removal of the de minimis exemption for low-value shipments remains on hold. The exemption, which allows imports valued under $800 to enter the U.S. duty-free, was initially set to end as part of new tariff measures set to take effect on Tuesday. However, a last-minute amendment by President Donald Trump has granted an extension until adequate systems are established for efficient tariff revenue collection.
The delay comes as a relief to e-commerce retailers and businesses that rely on seamless cross-border trade. The exemption enables many small-value goods from Canada and Mexico to avoid tariffs, reducing costs for consumers and businesses alike. Had the exemption been removed as planned, U.S. companies importing lower-cost goods from their top two trading partners would have faced new financial burdens.
Trump’s amendments to the tariff orders clarify that the duty-free de minimis treatment will remain in place until the U.S. Commerce Secretary determines that the necessary revenue processing and collection infrastructure is adequately operational. Once these requirements are met, the exemption will be eliminated for Canada and Mexico, further tightening trade regulations.
The handling of de minimis for Canada and Mexico aligns with the U.S. approach to tariffs on Chinese imports. In February, the exemption for Chinese goods was briefly revoked when the U.S. imposed an additional 10% tariff on imports from China. However, the exemption was later reinstated, citing the need for an effective tariff collection system. The similarities in approach indicate that while the exemption remains for now, it is only a matter of time before Canada and Mexico face stricter import duties.
What This Means for Businesses
For cross-border e-commerce businesses, the temporary extension provides a short-term cushion. However, trade experts caution that importers must begin strategizing for the inevitable removal of the exemption. The continued uncertainty surrounding trade policies highlights the need for companies to explore alternative supply chain solutions and risk-mitigation strategies.
“Businesses should not assume that the exemption will remain in place indefinitely,” said a trade policy analyst. “The U.S. administration has been clear about its intent to tighten import regulations, and it is only delaying implementation until the necessary systems are in place.”
For Canadian and Mexican exporters, the delay means they can continue sending lower-value goods to the U.S. without additional duties. However, once the exemption is removed, these businesses could see a decline in competitiveness due to increased costs. The change is expected to disproportionately affect small and medium-sized enterprises (SMEs) that rely on the U.S. market for growth.
Uncertain Trade Landscape Ahead
While the de minimis exemption remains intact for now, its long-term future is highly uncertain. With tariffs on Canadian and Mexican imports set to proceed, businesses must stay informed about evolving trade policies and prepare for potential cost increases. Companies engaged in cross-border trade should closely monitor policy updates and assess how potential tariff changes may impact their operations.
As tensions escalate between Canada and the United States over impending tariffs, Ontario Premier Doug Ford has announced that his government may introduce legislation requiring retailers to display clear signage indicating whether a product is Canadian-made. This move comes in response to U.S. President Donald Trump’s threat to impose a 25% tariff on most Canadian and Mexican goods, set to take effect as soon as Tuesday.
Speaking at a press conference on Monday, Ford emphasized the importance of supporting Canadian-made products and ensuring consumers can make informed choices.
“I am asking politely before I implement it,” Ford stated. “Every retail store, when you go look at the shelf talker and it has the price, we need to see a Canadian flag on that price. Please work with us, or we are going to legislate it.”
If implemented, the regulation would compel retailers to prominently label products made in Canada, potentially influencing consumer spending habits amid growing trade tensions.
Retaliatory Measures Against U.S. Businesses
Beyond the proposed retail signage mandate, Ford outlined a series of retaliatory measures Ontario will take should the U.S. tariffs be enacted. Among them is the removal of U.S. alcohol products from Liquor Control Board of Ontario (LCBO) shelves. Additionally, the province plans to terminate a $100 million contract with Elon Musk’s Starlink, which was intended to provide satellite internet service to Northern Ontario.
While acknowledging that this move may have little financial impact on Musk, the world’s richest individual, Ford said the decision is a matter of principle.
“It won’t make a difference for Elon Musk, but it is about principle,” he said.
Ontario’s $30 Billion Procurement Strategy
Ford also reaffirmed his commitment to ensuring that U.S. companies do not benefit from Ontario’s substantial government procurement budget, which amounts to approximately $30 billion annually.
“That $30 billion doesn’t even include the municipalities, and I know all 444 municipalities are on board,” Ford noted. “We are going to make sure that we legislate that you are buying Ontario first and Canada second.”
While Ford acknowledged that some products cannot be sourced domestically, he stressed that shifting procurement preferences away from U.S. suppliers could have significant repercussions south of the border.
“If they want to go after our families, take food off our tables, and try to close our companies… well, we are going to fight like we’ve never fought before to protect Canada and to protect the people of Ontario and their businesses, communities, and jobs,” he declared.
Federal Government’s Response to Tariffs
If the U.S. moves forward with its 25% tariffs, the Canadian federal government has stated that it will respond with retaliatory tariffs on $30 billion worth of U.S. goods, followed by additional tariffs on $125 billion in goods within three weeks.
Ford voiced his full support for the federal government’s “dollar-for-dollar” approach to tariffs, emphasizing Ontario’s willingness to stand firm in the escalating trade dispute.
“I didn’t start a tariff war, but we are going to win this tariff war,” Ford said.
Potential Impact on Ontario’s Economy
Economists and business leaders have warned that the proposed tariffs could have devastating effects on Ontario’s economy, particularly given the province’s close trade ties with the U.S. Ford himself has previously stated that such tariffs could lead to the loss of up to 500,000 jobs in Ontario.
The proposed measures, including mandatory retail signage and a shift in government procurement policies, signal Ontario’s determination to push back against what it sees as an aggressive economic threat from its largest trading partner. As the situation develops, businesses and consumers alike will be watching closely to see how this trade standoff unfolds.
Eataly at 55 Bloor St. W., Manulife Centre, Toronto. Image: Eataly
Toronto food enthusiasts looking for a cozy winter escape need look no further than ALPINA, Eataly’s latest seasonal pop-up experience. Bringing the warmth and indulgence of the Italian Alps to the city, ALPINA offers a curated menu of hearty cuisine, rich cocktails, and après-ski festivities that transport guests straight to the slopes of Northern Italy. With locations at Eataly Yorkville, CF Sherway Gardens, and CF Shops at Don Mills, ALPINA delivers an authentic taste of alpine tradition in an inviting setting.
A Taste of the Italian Alps in the Heart of Toronto
ALPINA at Eataly showcases the rich culinary heritage of Italy’s northernmost regions, drawing inspiration from the neighbouring Alpine countries. Diners can expect a menu steeped in comfort food, featuring dishes made with rustic, high-quality ingredients.
One of the highlights is the Polenta Bar, where creamy, stone-ground cornmeal is served on a wooden board with a variety of toppings. Another must-try dish is Fonduta di Formaggio, a decadent take on Swiss fondue made with Fontina DOP cheese and paired with focaccia croutons for dipping. For those seeking a true Alpine specialty, Canederli, a bread and speck gnocchi from Trentino-Alto Adige, is served with Urbani Winter Black Truffle for an extra touch of indulgence.
The experience wouldn’t be complete without a curated beverage selection. Guests can sip on premium wines from Northern Italy or opt for winter-warming cocktails such as the Bombardino, Italy’s take on eggnog, or a classic hot toddy. For those observing Dry January, ALPINA offers a selection of non-alcoholic “zero heroes” cocktails, ensuring everyone can enjoy the seasonal celebration.
Image: Eataly
Eataly Yorkville: ALPINA Winter Pop-Up at La Piazza
Eataly Yorkville’s La Piazza has been transformed into an intimate winter escape, capturing the magic of après-ski culture with warm lighting, cozy seating, and a specially curated ALPINA menu. Guests can enjoy signature dishes such as Cotoletta alla Valdostana, a hearty breaded veal cutlet stuffed with Fontina cheese and prosciutto, alongside a variety of expertly crafted cocktails.
A highlight of the pop-up is the ALPINA Après-Ski Party, a celebration that invites guests to dress in their best après-ski attire and enjoy an evening of Italian-inspired drinks, music, and bites. Featuring classic Italian cocktails and wines, this exclusive event brings the vibrant energy of an Alpine lodge to downtown Toronto.
Reservations for the ALPINA Winter Pop-Up are available, ensuring diners can secure their spot to experience this unique culinary escape.
For those outside of the downtown core, ALPINA’s influence extends to Eataly Ristorante locations at CF Sherway Gardens and CF Shops at Don Mills, where guests can indulge in the cozy flavours of the Italian Alps. These locations feature a selection of warm winter dishes and specialty cocktails, perfect for a relaxed evening with family or friends.
The CF Sherway Gardens and CF Shops at Don Mills locations offer a more intimate dining experience, emphasizing rich, seasonal flavours. Guests can sip on hot cocktails while enjoying dishes crafted with traditional Alpine ingredients, providing an escape from the winter cold without leaving the city.
A Seasonal Experience Not to Be Missed
As the cold weather settles in, ALPINA at Eataly provides a much-needed winter retreat. Whether visiting for an indulgent brunch, a lively après-ski party, or a quiet evening of Italian comfort food, the ALPINA experience offers a unique way to embrace the season.
With limited-time availability until March 31, reservations and ticket purchases for special events are highly recommended. Toronto food lovers can reserve their spot at the ALPINA Winter Pop-Up at Eataly Yorkville or visit CF Sherway Gardens and CF Shops at Don Mills to enjoy a cozy Alpine meal.
Bramalea City Centre is embarking on a multimillion-dollar renovation of its South Food Court, beginning with Phase One on March 6.
This transformation will introduce a contemporary design, improved functionality, and an enhanced dining experience for visitors. The project will proceed in phases to ensure minimal disruption, with a grand reveal planned for 2026, said the Centre in a news release.
Phase One will focus on foundational upgrades, including the installation of new flooring, ceiling treatments, and enhanced lighting. Seating arrangements will be reconfigured to improve comfort and traffic flow, while work will begin on optimizing waste separation infrastructure and refining storefront visibility to create a more open and inviting atmosphere, it explained.
“This renovation reflects our ongoing commitment to enhancing the visitor experience at BCC,” said Andrew Butler, General Manager Bramalea City Centre. “By modernizing our food court, we are ensuring it remains a vibrant and welcoming space where our diverse community can gather and enjoy a variety of dining options.”
Source- Bramalea City Centre
“Designed by Bess Pappas of Pappas Design Studio Inc. and built by Govan Brown Associates Limited, the refreshed space will feature a contemporary, airy aesthetic with refined finishes, improved circulation, and greater accessibility. These enhancements will create a more enjoyable and seamless dining experience for BCC visitors,” noted the Centre.
“BCC is committed to minimizing disruptions throughout the renovation. Food vendors will remain operational, with most construction taking place after hours. Regular updates will be shared on BramaleaCityCentre.ca and across BCC’s social media channels.”
Bramalea City Centre is one of Canada’s largest shopping destinations, offering over 300 stores, services, and dining options.
Rendering of the new Maison Lipari store in Montreal, across from Royalmount. Image supplied.
Maison Lipari, a cornerstone in Montreal’s luxury homeware scene for over five decades, is set to embark on a significant expansion. The retailer plans to open a sprawling 21,000-square-foot retail space directly across from the Royalmount development, marking a transformative phase in its storied history.
Reflecting on the company’s journey, second-generation owner Patrizia Lipari shared insights into their strategic relocation. “We opened our first store 50 years ago in St. Leonard, which is the East end, a suburb of Montreal,” she recounted. “Five years ago, we opened a second, more central location at the junction of two major highways. It’s an area with furniture stores and luxury car dealerships—a high-traffic zone.”
Maison Lipari co-founder Giovanna Lipari, left, with daughter Patrizia Lipari.
Initially occupying 5,000 square feet, Maison Lipari expanded to 7,500 square feet by integrating adjacent spaces. However, the desire to offer a more comprehensive shopping experience necessitated further growth. “About a year ago, we learned that a major tenant was relocating across the street to Royalmount,” Lipari explained. “We saw an opportunity to take over their spot, which is three times the size of our current location.”
Enhancing the Shopping Experience
The new store isn’t just about increased square footage; it’s about redefining the customer journey. “To do what we’re doing correctly, we need at least 12,000 to 13,000 square feet,” Lipari noted. “We’re currently crammed into 7,500 square feet, which is overwhelming for both us and our customers.”
The expanded space will allow Maison Lipari to introduce new product categories. “We’ll be adding accent furniture, outdoor items, and providing proper space for beds and mattresses,” Lipari said. “We also plan to incorporate a leased restaurant component so customers can have lunch and extend their stay. It’s about creating a destination.”
Rendering of the new Maison Lipari store in Montreal, across from Royalmount. Image supplied. Rendering of the new Assouline shop-in-store at the Maison Lipari in Montreal, across from Royalmount. Image supplied.
A Culinary and Lifestyle Destination
The envisioned restaurant aims to reflect the company’s heritage. “We’d like it to align with our French and Italian roots,” Lipari mentioned. “Perhaps a bistro style or Italian cuisine, considering our family’s origins.” A restaurant operator hasn’t been selected as of yet. “We hope to have this component ready by the end of the year or early 2026.”
Beyond dining, the new location will feature a functional demonstration kitchen. “We’re installing a demo kitchen for hosting events and chef demonstrations,” Lipari revealed. “It’s an opportunity to showcase our cookware and offer interactive experiences for our customers.”
Situated at the corner of Royalmount and Décarie, the new store will face the Royalmount development. “From our north-facing windows, you can see the mall,” Lipari described. “It’s a complementary relationship. We’re in a design centre, and our offering fills a niche that’s been missing here in Montreal, and even in Canada.”
Rendering of the new Hastens shop-in-store at the Maison Lipari in Montreal, across from Royalmount. Image supplied.
Curated Collections and Exclusive Brands
Maison Lipari prides itself on offering a curated selection of luxury homeware brands. “We carry over 150 brands, many of which are exclusive to us in Quebec,” Lipari stated. “For instance, we’re the only store in the East Coast offering Hästens beds.”
Other notable brands include Christofle, Bernardaud, and Baccarat. “Our product range is thoughtfully curated,” Lipari emphasized. “It’s fine homeware that you can’t necessarily find elsewhere.”
Rendering of a kitchen display at the Maison Lipari in Montreal, across from Royalmount. Image supplied.
Dedicated Spaces for Designers and Customers
Understanding the importance of collaboration, the new store will feature a design centre. “We’re building a large conference room where designers can work privately with their clients,” Lipari explained. “It’s a space to lay out materials and be inspired, enhancing the overall shopping experience.”
Additionally, the store will house branded corners for an immersive experience. “We’re working on creating dedicated spaces for various brands,” Lipari said. “Customers will be able to explore a wide range of offerings in distinct sections.”
Rendering of the new Sferra shop-in-store at the Maison Lipari in Montreal, across from Royalmount. Image supplied.
Embracing E-Commerce and Future Expansion
While the physical store is central to Maison Lipari’s identity, there’s a growing emphasis on e-commerce. “We’ve been focusing on increasing our online visibility,” Lipari noted. “Our website offers almost our entire product assortment, which is a challenge given we have about 30,000 active SKUs.”
Looking ahead, expansion beyond Montreal is on the horizon. “We’re interested in markets like Toronto and Florida,” Lipari shared. “Many of our customers move between these locations, and we already ship a lot to Florida. But first, we want to fine-tune our new concept here before considering replication elsewhere.”
Baccarat crystal at Maison Lipari in Montreal, Image supplied.
A Legacy of Quality and Service
Maison Lipari’s success is rooted in its commitment to quality and personalized service. “We want customers to enjoy their experience and think of us for anything related to home needs,” Lipari expressed. “Whether it’s outfitting a new room or finding the perfect gift, we’re here to help.”
The company’s dedicated team plays a pivotal role in this mission. “Our staff is incredibly knowledgeable,” Lipari praised. “Many have been with us for decades, bringing a wealth of experience and passion to what they do.”
As the new store’s opening approaches, excitement is palpable. “This expansion is a significant milestone for us,” Lipari reflected. “We’re eager to welcome customers to a space that truly reflects our vision for Maison Lipari’s future.”
